@Tyrone Harris In certain circumstances, you can get a Freddie Mac loan at the 24 month mark.

Any improvements could end up being 100% of you(Maybe) for only 50% of the gainDo not under any circumstances except a Quit Claim as these deeds are frowned on in Texas and will almost certainly in this case make the property un-insurable to a title company

I than add a % for unforeseen based upon age of unit, the older the bigger "fudge factor".

Luckily, this can be supplemented by the previous owners history in SOME circumstances.

There were unforeseen issues on both our end and the contractor's (the home was in awful shape and over 100 years old) but we ended up working well together and holding up our end of the agreement even though both sides weren't able to have everything they wanted at the time of purchase.

You already know my circumstance and being patient pays off (learned this having experience trading and investing in the Stock Market).

@Jelani Fearon I also agree very strongly with @andrew you should have adequate cash reserves and in regards to @Cyrus Hanson the correct insurance policy to cover sudden and unforeseen accidents.

I'm trying to educate myself as much as possible so when I find a tax person I can present a more clear picture of my circumstance and have a better handle on options ahead of time. 

Generally, the residential mortgage agreement will contain a paragraph like this: "Borrower shall occupy, establish, and use the Property as Borrower’s principal residence within X days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower’s principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower’s control."

Depending on the circumstances, it could be beneficial to treat it as a dealer inventory sale.